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SEC Files Emergency Action against Binance and Founder Changpeng Zhao to Protect Customer Assets

SEC Release | Jun 6, 2023

Regulation on tech - SEC Files Emergency Action against Binance and Founder Changpeng Zhao to Protect Customer Assets

The U.S. Securities and Exchange Commission (SEC) has taken emergency action against cryptocurrency platform Binance.US and its founder, Changpeng Zhao.

They want to freeze assets and force the return of assets held for customers. This action is to make sure customer assets are safe and stay in the U.S. while the SEC investigates further.

Read:  SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators

In this emergency move, the SEC is asking for eight things:

  • They want an explanation as to why an early court order shouldn't be applied to Binance and Zhao.
  • They want to freeze BAM Management's assets.
  • They want the return of assets held for customers of BAM Trading or BAM Management.
  • They want further actions to protect the assets of BAM's customers.
  • They want to stop the defendants from destroying records.
  • They want a sworn statement of specific assets from the defendants.
  • They want the right to quickly get information from the defendants.
  • Lastly, they want the approval for alternate ways of service.

View the original release --> here


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